The home appraisal process is typically a lengthy one, taking anywhere from a few days to a few weeks, depending on the property, the complexity of the appraisal, and the appraiser's schedule. An appraisal is an unbiased estimate of the value of a home used in the process of buying and selling. It generally takes one to two weeks for a home appraisal to complete from the time it is applied for, but this can vary depending on the current housing market and the type of loan. A real estate appraiser focuses on the overall value and basic condition of the home, rather than looking for each and every small defect like a thorough home inspection.
The result of a real estate appraisal is always to arrive at a fair value, but the approach used is often different depending on the type of property. If the appraised value is considerably lower than the agreed sales price, it will complicate things and will have to be addressed. The appraiser will analyze property records and local Multiple Listing Service (MLS) data to obtain legal and background information about the property and the local housing market. This information is then used to prepare an appraisal report which serves as a complete analysis of the property and tells the mortgage lender the final approximation of the value of the home.
According to Tom Cullen of Cullen Real Estate and Appraisal Company, an appraiser for more than 30 years, the appraisal can take anywhere from a few days to a few weeks. In cases where the equity of your home is significantly greater than that requested in the refinancing, the mortgage company may allow you to choose a cheaper option that does not take into account the vehicle. An appraisal is one of the final steps before closing a real estate contract, and it is anticipated with nerves and excitement. It allows both buyers and mortgage lenders to trust their financial investment.
Knowing how long it takes to get an appraisal completed when refinancing a home purchase in Southwest Florida can help you plan accordingly.